58-5-75. Substitution for securities paid.
Where the principal of any of the securities so deposited is paid to the Commissioner, he shall notify the company or its agent in this State, and pay the money so received to the company upon receiving other securities of the character named in this Article to an equal amount, or, upon the failure of the company for 30 days after receiving notice to deliver such securities to an equal amount to the Commissioner, he may invest the money in any such securities and hold the same as he held those which were paid. (1909, c. 923, s. 5; C.S., s. 6446; 1991, c. 720, s. 4.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 5 - Deposits and Bonds by Insurance Companies.
§ 58-5-1 - Deposits; use of master trust.
§ 58-5-5 - Amount of deposits required of foreign or alien fire and/or marine insurance companies.
§ 58-5-15 - Minimum deposit required upon admission.
§ 58-5-25 - Replacements upon depreciation of securities.
§ 58-5-30 - Power of attorney.
§ 58-5-35 - Securities held by Treasurer; faith of State pledged therefor; nontaxable.
§ 58-5-40 - Authority to increase deposit.
§ 58-5-50 - Deposits of foreign life insurance companies.
§ 58-5-55 - Deposits of capital and surplus by domestic insurance companies.
§ 58-5-63 - Interest; liquidation of deposits for liabilities.
§ 58-5-70 - Lien of policyholders; action to enforce.
§ 58-5-71 - Liens of policyholders; subordination.
§ 58-5-75 - Substitution for securities paid.
§ 58-5-80 - Return of deposits.
§ 58-5-90 - Deposits held in trust by Commissioner or Treasurer.
§ 58-5-95 - Deposits subject to approval and control of Commissioner.
§ 58-5-100 - Deposits by alien companies required and regulated.
§ 58-5-105 - Deposits by life companies not chartered in United States.
§ 58-5-110 - Registration of bonds deposited in name of Treasurer or Commissioner.